Corner Growth Acquisition Corp. (NASDAQ: COOL) announced this morning that it has signed a letter of intent (LOI) to combine with cybersecurity solutions and services provider Noventiq (LSE: SFTL).
The London-based company enables and accelerates digital transformation for its customers’ businesses, connecting over 75,000 organizations from all sectors with hundreds of best-in-class IT vendors, alongside its own services and solutions. Noventiq went public on the London Stock Exchange in October 2021, and since the beginning of 2022, it has announced the acquisition of 5 companies in India, Turkey, and the UAE, covering various aspects of digital transformation.
Noventiq is currently trading 9.09% higher on today’s announcement at €0.60, or $0.65, after closing yesterday at just €0.55. But, Corner Growth’s board believes that Noventiq’s price is not a fair reflection of its value and that there continues to be very limited trading volume in its GDRs on the London Stock Exchange. As a result, the board intends to list the combined company on the Nasdaq.
The parties expect to finalize a definitive business combination agreement within the next few weeks and will announce further details at that time.
Corner Growth IPO’d in December 2020 and initially intended to combine with a nimble, fast-growing technology business in the United States or another developed market. Although the SPAC originally brought in $350 million in IPO proceeds, it saw 97.02% of its trust redeemed at its last meeting in December 2022. It currently has approximately $12 million left in its trust account and faces a completion deadline of June 21, 2023.
Since today’s announcement is only at LOI stage, SPACInsider will not consider this deal as fully “announced”. As such, it will remain in the “Searching” category until a definitive agreement is signed.
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